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Invesco International Allocation Fund

Equity | International and Global Equity

Objective & Strategy

The fund’s investment objective is long-term growth of capital. Invesco determines the asset class allocation, underlying fund selections and target weightings. The underlying funds are actively managed by teams of investment professionals. More information on the management teams of the underlying funds may be found at invesco.com.

Style Map

This map illustrates areas in which the fund can invest, not necessarily within a limited period of time. This fund is not classified with regard to one primary equity style.

as of 11/30/2016

Morningstar Rating™

Overall Rating - Foreign Large Blend Category

As of 11/30/2016 the Fund had an overall rating of 3 stars out of 621 funds and was rated 3 stars out of 621 funds, 2 stars out of 551 funds and 3 stars out of 332 funds for the 3-, 5- and 10- year periods, respectively.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Fund Documents

Allocation Risk. The Fund’s investment performance depends, in part,
on how its assets are allocated among the underlying funds or asset
classes. The Adviser’s evaluations and assumptions regarding the asset
classes or the underlying funds in which the Fund invests may be incorrect,
causing the Fund to be invested (or not invested) in one or more asset
classes or underlying funds at an inopportune time, which could negatively
affect the Fund’s performance.

Depositary Receipts Risk. Investing in depositary receipts involve the
same risks as direct investments in foreign securities. In addition, the
underlying issuers of certain depositary receipts are under no obligation to
distribute shareholder communications or pass through any voting rights
with respect to the deposited securities to the holders of such receipts. An
underlying fund may therefore receive less timely information or have less
control than if it invested directly in the foreign issuer.

Derivatives Risk. The value of a derivative instrument depends largely on
(and is derived from) the value of an underlying security, currency,
commodity, interest rate, index or other asset (each referred to as an
underlying asset). In addition to risks relating to the underlying assets, the
use of derivatives may include other, possibly greater, risks, including
counterparty, leverage and liquidity risks. Counterparty risk is the risk that
the counterparty to the derivative contract will default on its obligation to pay
an underlying fund the amount owed or otherwise perform under the
derivative contract. Derivatives create leverage risk because they do not
require payment up front equal to the economic exposure created by owning
the derivative. As a result, an adverse change in the value of the underlying
asset could result in an underlying fund sustaining a loss that is
substantially greater than the amount invested in the derivative, which may
make an underlying fund’s returns more volatile and increase the risk of
loss. Derivative instruments may also be less liquid than more traditional
investments and an underlying fund may be unable to sell or close out its
derivative positions at a desirable time or price. This risk may be more acute
under adverse market conditions, during which an underlying fund may be
most in need of liquidating its derivative positions. Derivatives may also be
harder to value, less tax efficient and subject to changing government
regulation that could impact an underlying fund’s ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit
exposure to a particular market segment may not provide the expected
benefits, particularly during adverse market conditions.

Dividend Paying Security Risk. Securities that pay high dividends as a
group can fall out of favor with the market, causing such companies to
underperform companies that do not pay high dividends. Also, changes in
the dividend policies of the companies in an underlying fund’s underlying
index and the capital resources available for such companies’ dividend
payments may affect an underlying fund.

Emerging Markets Securities Risk. Emerging markets (also referred to
as developing markets) are generally subject to greater market volatility,
political, social and economic instability, uncertain trading markets and more
governmental limitations on foreign investment than more developed
markets. In addition, companies operating in emerging markets may be
subject to lower trading volume and greater price fluctuations than
companies in more developed markets. Securities law and the enforcement
of systems of taxation in many emerging market countries may change
quickly and unpredictably. In addition, investments in emerging markets
securities may also be subject to additional transaction costs, delays in
settlement procedures, and lack of timely information.

Exchange-Traded Fund Industry Concentration Risk. In following its
methodology, an underlying exchange-traded fund’s underlying index from
time to time may be concentrated to a significant degree in securities of
issuers located in a single industry or sector. To the extent that an
underlying fund’s underlying index concentrates in the securities of issuers
in a particular industry or sector, an underlying fund will also concentrate its
investments to approximately the same extent. By concentrating its
investments in an industry or sector, an underlying fund faces more risks
than if it were diversified broadly over numerous industries or sectors. Such
industry-based risks, any of which may adversely affect the companies in
which an underlying fund invests, may include, but are not limited to, the
following: general economic conditions or cyclical market patterns that could
negatively affect supply and demand in a particular industry; competition for
resources, adverse labor relations, political or world events; obsolescence of
technologies; and increased competition or new product introductions that
may affect the profitability or viability of companies in an industry. In
addition, at times, such industry or sector may be out of favor and
underperform other industries or the market as a whole.

Exchange-Traded Funds Risk. In addition to the risks associated with
the underlying assets held by the exchange-traded fund, investments in
exchange-traded funds are subject to the following additional risks: (1) an
exchange-traded fund’s shares may trade above or below its net asset
value; (2) an active trading market for the exchange-traded fund’s shares
may not develop or be maintained; (3) trading an exchange-traded fund’s
shares may be halted by the listing exchange; (4) a passively-managed
exchange-traded fund may not track the performance of the reference
asset; and (5) a passively managed exchange-traded fund may hold
troubled securities. Investment in exchange-traded funds may involve
duplication of management fees and certain other expenses, as the Fund or
an underlying fund indirectly bears its proportionate share of any expenses
paid by the exchange-traded funds in which it invests. Further, certain
exchange-traded funds in which the Fund or an underlying fund may invest
are leveraged, which may result in economic leverage, permitting the Fund
or an underlying fund to gain exposure that is greater than would be the
case in an unlevered instrument, and potentially resulting in greater
volatility.

Financial Services Sector Risk. An underlying fund may be susceptible
to adverse economic or regulatory occurrences affecting the financial
services sector. Financial services companies are subject to extensive
government regulation and are disproportionately affected by unstable
interest rates, each of which could adversely affect the profitability of such
companies. Financial services companies may also have concentrated
portfolios, which makes them especially vulnerable to unstable economic
conditions.

Foreign Securities Risk. An underlying fund’s foreign investments may
be adversely affected by political and social instability, changes in economic
or taxation policies, difficulty in enforcing obligations, decreased liquidity or
increased volatility. Foreign investments also involve the risk of the possible
seizure, nationalization or expropriation of the issuer or foreign deposits (in
which an underlying fund could lose its entire investments in a certain
market) and the possible adoption of foreign governmental restrictions such
as exchange controls. Unless an underlying fund has hedged its foreign
securities risk, foreign securities risk also involves the risk of negative
foreign currency rate fluctuations, which may cause the value of securities
denominated in such foreign currency (or other instruments through which
an underlying fund has exposure to foreign currencies) to decline in value.
Currency exchange rates may fluctuate significantly over short periods of
time. Currency hedging strategies, if used, are not always successful.

Fund of Funds Risk. The Fund’s performance depends on that of the
underlying funds in which it invests. Accordingly, the risks associated with
an investment in the Fund include the risks associated with investments in
the underlying funds. The Fund will indirectly pay a proportional share of the
fees and expenses of the underlying funds in which it invests. There are
risks that the Fund will vary from its target weightings (if any) in the
underlying funds, that the underlying funds will not achieve their investment
objectives, that the underlying funds’ performance may be lower than their
represented asset classes, and that the Fund may withdraw its investments
in an underlying fund at a disadvantageous time.

Geographic Focus Risk. An underlying fund may from time to time
invest a substantial amount of its assets in securities of issuers located in a
single country or a limited number of countries. Adverse economic, political
or social conditions in those countries may therefore have a significant
negative impact on an underlying fund’s investment performance.

Growth Investing Risk. Growth stocks tend to be more expensive relative
to the issuing company’s earnings or assets compared with other types of
stock. As a result, they tend to be more sensitive to changes in, or investors’
expectations of, the issuing company’s earnings and can be more volatile.

Indexing Risk. An underlying fund is operated as a passively managed
index fund and, therefore, the adverse performance of a particular security
necessarily will not result in the elimination of the security from the
underlying fund’s portfolio. Ordinarily, the underlying fund’s adviser will not
sell the underlying fund’s portfolio securities except to reflect additions or
deletions of the securities that comprise the underlying fund’s underlying
index, or as may be necessary to raise cash to pay underlying fund
shareholders who sell underlying fund shares. As such, the underlying fund
will be negatively affected by declines in the securities represented by its
underlying index. Also, there is no guarantee that the underlying fund’s
adviser will be able to correlate the underlying fund’s performance with that
of its underlying index.

Investing in the European Union Risk. Investments in certain countries in
the European Union are susceptible to high economic risks associated with
high levels of debt, such as investments in sovereign debt of Greece, Italy
and Spain. Separately, the European Union faces issues involving its
membership, structure, procedures and policies. The exit of one or more
member states from the European Union would place its currency and
banking system in jeopardy. Efforts of the member states to further unify
their economic and monetary policies may increase the potential for the
downward movement of one member state’s market to cause a similar
effect on other member states’ markets.

Management Risk. An underlying fund is actively managed and depends
heavily on an underlying fund’s adviser’s judgment about markets, interest
rates or the attractiveness, relative values, liquidity, or potential appreciation
of particular investments made for an underlying fund’s portfolio. An
underlying fund could experience losses if these judgments prove to be
incorrect. Additionally, legislative, regulatory, or tax developments may
adversely affect management of an underlying fund and, therefore, the
ability of the underlying fund to achieve its investment objective.

Market Risk. The market values of an underlying fund’s investments,
and therefore the value of an underlying fund’s shares, will go up and down,
sometimes rapidly or unpredictably. Market risk may affect a single issuer,
industry or section of the economy, or it may affect the market as a whole.
Individual stock prices tend to go up and down more dramatically than those
of certain other types of investments, such as bonds. During a general
downturn in the financial markets, multiple asset classes may decline in
value. When markets perform well, there can be no assurance that specific
investments held by an underlying fund will rise in value.

Market Trading Risk. An underlying exchange-traded fund faces
numerous market trading risks, including the potential lack of an active
market for its shares, losses from trading in secondary markets, and
disruption in the creation/redemption process of an underlying fund. Any of
these factors may lead to an underlying fund’s shares trading at a premium
or discount to an underlying fund’s net asset value (NAV).

Non-Diversification Risk. An underlying fund is non-diversified and can
invest a greater portion of its assets in the obligations or securities of a
small number of issuers or any single issuer than a diversified fund can. A
change in the value of one or a few issuers’ securities will therefore affect
the value of an underlying fund more than would occur in a diversified fund.

Preferred Securities Risk. Preferred securities are subject to
issuer-specific and market risks applicable generally to equity securities.
Preferred securities also may be subordinated to bonds or other debt
instruments, subjecting them to a greater risk of non-payment, may be less
liquid than many other securities, such as common stocks, and generally
offer no voting rights with respect to the issuer.

Sampling Risk. An underlying fund’s use of a representative sampling
approach will result in its holding a smaller number of securities than are in
its underlying index and in the underlying fund holding securities not
included in its underlying index. As a result, an adverse development
respecting an issuer of securities held by the underlying fund could result in
a greater decline in the underlying fund’s NAV than would be the case if all
of the securities in its underlying index were held. An underlying fund’s use
of a representative sampling approach may also include the risk that it may
not track the return of its underlying index as well as it would have if the
underlying fund held all of the securities in its underlying index.

Sector Focus Risk. An underlying fund may from time to time invest a
significant amount of its assets (i.e. over 25%) in one market sector or
group of related industries. In this event, an underlying fund’s performance
will depend to a greater extent on the overall condition of the sector or
group of industries and there is increased risk that an underlying fund will
lose significant value if conditions adversely affect that sector or group of
industries.

Small- and Mid-Capitalization Companies Risks. Small- and
mid-capitalization companies tend to be more vulnerable to changing
market conditions, may have little or no operating history or track record of
success, and may have more limited product lines and markets, less
experienced management and fewer financial resources than larger
companies. These companies’ securities may be more volatile and less
liquid than those of more established companies, and their returns may
vary, sometimes significantly, from the overall securities market.

Unique Economic and Political Risks of Investing in Greater China.
Investments in companies located or operating in Greater China involve risks
not associated with investments in Western nations, such as nationalization,
expropriation, or confiscation of property; difficulty in obtaining and/or
enforcing judgments; alteration or discontinuation of economic reforms;
military conflicts, either internal or with other countries; inflation, currency
fluctuations and fluctuations in inflation and interest rates that may have
negative effects on the economy and securities markets of Greater China;
and Greater China’s dependency on the economies of other Asian countries,
many of which are developing countries. Events in any one country within
Greater China may impact the other countries in the region or Greater China
as a whole. Additionally, developing countries, such as those in Greater
China, may subject an underlying fund’s investments to a number of tax rules, and the application of many of those rules may be uncertain.
Moreover, China has implemented a number of tax reforms in recent years,
and may amend or revise its existing tax laws and/or procedures in the
future, possibly with retroactive effect. Changes in applicable Chinese tax
law could reduce the after-tax profits of an underlying fund, directly or
indirectly, including by reducing the after-tax profits of companies in China
in which an underlying fund invests. Uncertainties in Chinese tax rules could
result in unexpected tax liabilities for an underlying fund.

Value Investing Style Risk. A value investing style subjects an underlying
fund to the risk that the valuations never improve or that the returns on
value equity securities are less than returns on other styles of investing or
the overall stock market.

as of 12/09/2016

AINAX

NAV

Change ($)

$10.21

0.03

N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.